Legal Question in Bankruptcy in Illinois

Is my deferred comp from MO sheltered if I file IL bankruptcy

I work for the state of MO and have been putting money in the state deferrred comp account. Its not much, but I have to retire due job elimination and I may end up filing bankruptcy. I don't know, but if I know my deferred comp money( not a 401k i think is 457 ?) will be taken then I might as well liquidate it but I would like to keep it as a nest egg. Can you tell me if IL would take it if I had to file bankruptcy?


Asked on 5/02/03, 11:49 am

1 Answer from Attorneys
Charles Dobra Charles Wm. Dobra, Ltd.

Re: Is my deferred comp from MO sheltered if I file IL bankruptcy

It APPEARS that this is a retirement account. IF it qualifies as such, it is 100% exempt under current Illinois law.

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Answered on 5/02/03, 12:00 pm


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